1Closing Bell With Maria Bartiromo
1Countdown to the Closing Bell
will be joining us as well. >> also, israel launches a massive military operation in response to hamas. >> gold also higher. one of those days where energy went higher and stocks went lower. we're setting lows right now. the dow down 126 points at the 12,629 level. the nasdaq and s&p are also moving lower. the nasdaq has moved into correction territory, down about 10% from its highs set earlier this year. the s&p is down sharply as well at this hour. so it was those fed minutes, the continued fears we may go over the fiscal cliff as the negotiations are being carried out so far in a very public arena right now. we are off the worst levels of the day, but will these concerns keep investors out of the market right now? let's talk about that, shall we? >> that's what we want to in today's "closing bell" exchange. neil, let me kick this off with you. good to see you. thanks for joining us. as somebody who's putting capital to work in this market, you see a market that is down 600 points on the dow industrials. just since the election, that's 4% declines since the election on november 6th.
slang on twitter. dod overhead is larger than the gdp of israel and the uae. he recommends $67.9 billion in savings in ten years are cut out of the pentagon budget by going afr some of the things he lists here. so a lot of wasteful spending here being highlighted over at the pentagon by a republican which is interesting. >> all right. eamon, thanks very much. maria. >> thank you so much. as you just heard, billions of dollars being wasted just in the defense department alone. yet, it is the tax revenue side of the fiscal fight that's getting all the attention, bill. >> it's always a time to put spending cuts front and center in this debate. let's ask someone who's spent a lot of time at negotiating table in issues like this. congressman barney frank joins us now. welcome back. >> thank you. >> big picture first. i'm not saying everybody was singing couple buy ya after the election, but it sounded like they were more willing to compromise. the rhetoric seems to have picked up. do you sense this is going down to the wire? can they come to a compromise? >> yes and yes. of course it
the attack out of israel on hamas. this, of course, another major news story today that we're following and the reason oil prices have spiked. >> the latest is the israelis have said there's going to be a lot more of what you've already seen. let's show you what's already happened. this video is incredible. it's released by the israeli defense forces. follow that car. what you'll see is not a car bomb. it is a targeted attack by the israeli air force. inside the military leader of hamas was directly targeted. this is operation pillar of defense. it was announced today on twitter by the israeli defense force. take a look at what the spokesperson posted on twitter. he said, we recommend no hamas operatives, whether low level or senior leaders show their face above ground in the days ahead. one of the reasons why oil spiked earlier. the israelis say this is in response to hundreds of rocket attacks coming into gaza over the last several days. >> all right, michelle. thank you. we'll come back to you as news develops there. i'm here now with quint. thanks for joining us. normally
exact. even though a cease-fire from the gaza strip, a lot of interest has been happening. israel and hamas came to some kind of a truce for now, we will see it that way. sell the rumor, but on the news. anyway, lots of news as we move into your turkey day, let's get to our floor show. traders standing by on the new york stock exchange, cme group and the nymex. so good to see you at the new york stock exchange. days like today moving into the holiday, half-day on friday, volume seemed to pull back but there is a lot of great news out today, what are you watching? >> the market up 45 holding its gains. we're all waiting for more tangible news, lots more on the horizon. the cease-fire right now, keeping that in perspective. the fiscal cliff, but we have december to look forward to. black friday, cyber monday, these are things that might move the market up in another direction. we will see what happens after we get back to work. cheryl: so many questions i am sure it is so hard to trade because we don't know what is going on. let's go over to the cme. really it is still about europe.
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